我国养老金融的实践成果与新局探索 金融“十四五”回顾与“十五五”展望系列综述之二

Core Insights - The aging population has become a long-term structural feature of China's economic and social development, with the "14th Five-Year Plan" marking a critical phase for addressing this issue through pension finance as a core strategy [1][2] - The "15th Five-Year Plan" aims to transition from scale expansion to quality improvement in pension finance, emphasizing the development of technology finance, green finance, inclusive finance, pension finance, and digital finance [1][2] Summary of Achievements During the "14th Five-Year Plan" - A multi-level, multi-pillar pension finance system framework has been established, with the full implementation of the personal pension system marking a historic leap for the third pillar [2] - The supply of pension financial products and services has diversified, covering various risk preferences from savings and wealth management to insurance and funds [2] - The policy framework has been improved from macro deployment to micro operation, with pension finance elevated to a national strategic level in the 2023 Central Financial Work Conference [2][3] Regulatory Developments - A multi-level policy matrix has been formed, with various documents issued to regulate product development and institutional oversight [3] - The goal is to establish a basic pension finance system by 2028, supported by a collaborative mechanism among multiple departments [3] Performance of the Three-Pillar Pension System - The basic pension insurance fund's investment operation scale has reached 2.6 trillion yuan, doubling since the end of the "13th Five-Year Plan" [4] - The second pillar (enterprise annuities) has also seen growth, with a fund scale of 7.56 trillion yuan, an increase of 4.02 trillion yuan since the end of the "13th Five-Year Plan" [4] - The personal pension system has transitioned from pilot accumulation to a defined system, with personal pension product balances exceeding 15.16 billion yuan, a growth of 64.7% year-to-date [4] Challenges in Current Pension Finance Development - The pension system is overly reliant on the first pillar, with insufficient development of the second and third pillars, leading to a lack of effective collaborative support [6][7] - There is a significant structural imbalance in the three pillars, with the third pillar facing challenges in attractiveness and participation [7] - Regional and urban-rural disparities in pension finance services are pronounced, with rural areas lacking adequate supply and financial literacy [8] Development Directions for the "15th Five-Year Plan" - The focus will be on building a more mature multi-level system, enhancing the quality of the second and third pillars, and transitioning products and services to a user-centered approach [9] - The policy framework will aim for institutionalization and collaboration, with tax incentive optimization as a key direction [9][10] - The second pillar will be strengthened through lowering barriers for small and medium enterprises and expanding coverage to new employment forms [11] - The third pillar will see increased contribution limits and the development of new products tailored to individual pension needs [12] Integration with the Silver Economy - There will be a focus on deepening the integration of pension finance with the silver economy, creating a virtuous cycle that supports both sectors [13] - The product system will shift towards user-centered and dynamic adaptation, ensuring that offerings meet diverse and evolving needs [14] Technological Empowerment - Digital transformation will be a core driver for high-quality development in pension finance, with a focus on enhancing service efficiency and accessibility for the elderly [15] - Financial institutions will be encouraged to develop inclusive products and services that cater to the unique needs of older adults, ensuring their participation in the digital economy [15]